The BCRA Organized a Meeting to Inform About Yuan Transactions

The BCRA organized a virtual meeting to inform about the payment of imports in yuan, with considerable participation of people related to foreign trade. The President of the BCRA, Miguel Ángel Pesce, gave the opening speech.

Pesce pointed out that the International Monetary Fund incorporated the yuan to the currency basket in 2016, and noted that “bilateral trade in local currencies is another step in the internationalization of the yuan. The BCRA joined this global trend early by signing the first currency swap agreement with the People’s Bank of China, and by recognizing the ICBC as a clearing house for yuan.”

He also added: “The payment system with yuan supports more comprehensive objectives, such as dealing with the prudential management of international reserves, as well as easing domestic production, employment and exports, and preserving Argentina’s conditions for growth and financial stability.”

The speakers were representatives of the BCRA's teams of Operations and Foreign Trade and Exchange, the Directorate General for Customs, the People’s Bank of China, and the ICBC.

The main topics discussed were:

—The option to make payments of imports in yuan, in compliance with the BCRA´s forex regulations. By submitting an affidavit under the Argentine Imports System called SIRA in yuan or in US dollars, importers will be able to exchange Argentine pesos to make the payment in yuan.

—The option to use yuan for inflows and outflows related to investments in Argentina, in compliance with the current forex regulations.

—The exceptions for making advance, sight or deferred payments for imports of goods before the date set forth in the SIRA will remain as such, even when the payment is stated in yuan.

—According to the BCRA’s forex regulations, there are several options for financing imports of goods which, under certain conditions, allow importers to pay their purchases from foreign suppliers in a shorter term.

May 10, 2023

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